Bloomberg News

USDA Boxed Beef Cutout Midday Prices for March 26

March 26, 2013

March 26 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 11:30 a.m. U.S. central time.

Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska.

CHOICE SELECT

600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 190.50 189.10 Change from prior day: (0.08) (1.11) ------------------------------------------------------------------------------- Choice/Select spread: 1.40

Total Load Count (Cuts, Trimmings, Grids): 112 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 284.21 282.40 Primal Chuck 163.50 160.78 Primal Round 162.71 162.68 Primal Loin 251.99 249.46 Primal Brisket 132.18 132.37 Primal Short Plate 137.63 141.01 Primal Flank 110.06 107.06 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/25 83 38 11 40 172 190.58 190.21 03/22 66 35 16 23 140 191.43 192.28 03/21 103 39 3 21 167 192.98 193.24 03/20 114 37 5 39 195 193.41 193.03 03/19 96 39 15 30 180 194.18 193.65 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 192.52 192.48 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included.

CURRENT VOLUME - (one load equals 40,000 pounds)

Choice Cuts 55.88 loads 2,235,051 pounds Select Cuts 25.77 loads 1,030,809 pounds Trimmings 4.92 loads 196,843 pounds Ground Beef 25.45 load 1,017,942 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 30 188,752 508.31 561.78 531.47 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 22 27,167 584.00 629.50 610.51 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 8 17,640 194.50 204.99 196.20 114A 3 Chuck, shoulder clod, trmd 10 72,254 201.00 219.00 202.97 114D 3 Chuck, clod, top blade 9 8,375 260.00 281.00 274.30 114E 3 Chuck, clod, arm roast 12 32,990 258.00 263.00 260.40 114F 5 Chuck, clod tender (IM) 10 12,666 358.00 371.50 361.68 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 74,216 230.00 250.89 235.47 116B 1 Chuck, chuck tender (IM) 28 98,705 213.20 241.50 217.74

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 36 242,624 189.00 210.00 193.02 120A 3 Brisket, point/off, bnls 4 4,670 348.00 358.00 352.35 123A 3 Short Plate, short rib 9 14,408 435.00 466.00 448.73 130 4 Chuck, short rib 18 31,772 320.00 345.00 330.14 160 1 Round, bone-in 5 21,616 187.00 201.00 190.33 161 1 Round, boneless 4 1,795 193.00 212.00 202.02

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 21 46,487 221.00 235.00 227.03 168 1 Round, top inside round 20 150,771 190.00 202.15 193.14 168 3 Round, top inside round 24 387,875 199.00 212.00 202.95 169 5 Round, top inside, denuded 10 30,399 235.00 249.00 238.60

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 1,936 201.00 206.00 205.13 171B 3 Round, outside round 35 157,173 197.50 225.00 203.72 171C 3 Round, eye of round (IM) 28 45,527 228.00 253.70 236.25 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 57,191 463.00 513.00 477.91 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 26 36,351 503.62 554.50 514.56 184 1 Loin, top butt, bnls, heavy 4 1,418 305.00 324.99 309.82 184 3 Loin, top butt, boneless 18 50,300 320.62 342.00 324.54 185A 4 Loin, bottom sirloin, flap 11 13,769 404.46 446.90 418.09 185B 1 Loin, ball-tip, bnls, heavy 14 80,504 220.00 240.00 225.87 185C 1 Loin, sirloin, tri-tip (IM) 6 23,874 258.00 268.00 259.30 185D 4 Loin, tri-tip, pld (IM) 6 1,271 360.91 376.00 369.67 189A 4 Loin, tndrloin, trmd, heavy 13 20,017 866.00 894.00 883.79 191A 4 Loin, butt tender, trimmed 6 14,490 876.00 925.00 910.46 193 4 Flank, flank steak (IM) 24 23,584 408.00 445.00 432.43 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 5 1,644 560.00 568.00 563.78 112A 3 Rib, ribeye, bnls, light 4 57,679 575.00 589.00 577.04 112A 3 Rib, ribeye, bnls, heavy 19 54,897 575.00 631.00 589.20 113C 1 Chuck, semi-bnls, neck/off 8 29,911 197.00 217.75 206.14 114 1 Chuck, shoulder clod 6 68,100 192.00 210.00 192.91 114A 3 Chuck, shoulder clod, trmd 4 21,040 204.00 220.00 205.01 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 9 5,323 321.00 358.00 335.88 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 133,179 229.00 245.00 232.39 116B 1 Chuck, chuck tender (IM) 6 13,685 224.63 240.00 228.83

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 10 82,832 188.59 206.00 194.77 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 3 2,848 322.00 340.00 326.27 160 1 Round, bone-in 0 0 161 1 Round, boneless 4 5,057 203.75 212.00 208.47

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 9 46,794 223.00 231.00 223.43 168 1 Round, top inside round 4 1,871 192.00 205.00 201.32 168 3 Round, top inside round 7 51,062 200.00 220.00 201.94 169 5 Round, top inside, denuded 3 2,809 239.00 250.00 245.27

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 14 67,774 198.00 225.00 205.73 171C 3 Round, eye of round (IM) 8 18,752 227.00 244.00 233.74 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 11 14,229 495.00 528.00 500.62 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 12 4,986 500.00 542.00 510.78 184 1 Loin, top butt, bnls, heavy 3 40,782 302.01 307.00 302.05 184 3 Loin, top butt, boneless 11 10,173 323.87 342.89 333.35 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 4 21,812 225.00 233.96 227.45 185C 1 Loin, sirloin, tri-tip (IM) 4 37,830 260.00 271.00 260.05 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 9 9,960 870.00 909.93 885.67 191A 4 Loin, butt tender, trimmed 5 1,572 794.00 857.80 817.59 193 4 Flank, flank steak (IM) 3 5,697 415.00 415.00 415.00 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 3 18,487 100.00 115.00 103.18 121D 4 Plate, Inside Skirt (IM) 14 18,345 360.00 377.00 365.34 121C 4 Plate, Outside Skirt (IM) 11 47,629 442.00 445.00 442.21 121E 6 Outside Skirt, pld (IM) 3 6,317 650.00 720.00 664.08

Cap, Wedge Meat & (IM) Lean 28 175,453 255.00 285.00 260.75

Pectoral Meat 19 76,993 235.00 270.00 240.53 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 15 183,090 164.00 194.00 170.20 Ground Beef 75% Ground Beef 81% 27 214,988 179.00 232.00 194.44 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 16 79,618 260.05 279.00 274.51 Ground Beef Chuck 80% 15 142,270 190.00 220.22 199.08 Ground Beef Round 85% 12 29,998 228.50 237.70 230.14 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 7 68,475 203.60 230.00 214.82 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 6 196,843 88.00 90.25 89.78 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. --------------------------------------------------------------------------------

A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds.

Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts.

Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.


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